Darren Hodder, Director of Fraud Consulting told delegates at the SMi 2nd Annual Big Data in Retail Financial Services last week that the easiest way to solve online fraud is for banks to know exactly who their customer is, which could be achieved through
biometric authentication.

Hodder believes that we are currently in “authentication hell” and that the authentication processes used by biometrics such as facial, iris, finger print or vein recognition could help to reduce the risk of fraud and enhance customer experience by enabling banks to recognise exactly who their customers are.

Statistics show that more than 21.5 million people in the UK now bank online. Although this is mainly a safe and secure way to access your bank account, criminals are attempting to take information directly from online bankers through spyware and scams duping them into giving away their password and security information.